Macro-Market Structures Need Corrections to Remain Healthy: Youtuber

In a video posted on Youtube, Michael Pizzino, an analyst stated that the bear market is over. He reinforced his arguments based on the macro market structure of cryptocurrency while also taking Bitcoin and some other altcoins into consideration.

Adding more insights into his notion, he stated that people are exiting the market and new money is coming into the market, as such, the start of the bull run will take time to kick off. Dispelling doubts about the recent correction in market cap, which seemed to be a downtrend, Pizzino stated:

Macro-market structures need corrections to remain healthy

1-Week Marketcap Chart (Source: Tradingview)

Moreover, Pizzino stated that although people’s idealogy may differ based on the definition of a bull market, to him, it was a matter of looking at the crests and troughs. As such, he stated that as long the market cap is held above the 860B –invalidation point, he would keep believing that it is a bull market.

Addressing the absence of high volatility in the market, a feature expected in the bull run, Pizzino stated that high volatile situation will follow at the back end of the cycle, which then, would be too late.

BTC/USDT 1-Day Chart (Source: TradingView)

Considering BTC, Pizzino stated that it has increased 68% from its low in late 2022. Elaborating more on the resilience of BTC, he stated that compared to other cryptocurrencies BTC has dropped less and it was still holding above the important resistance of $25,200.

However, should BTC break below the aforementioned resistance level, then it may assist support from around the $23,000 level. He stated that it was difficult to judge whether BTC will make a macro higher low, as the market was on a downtrend in the short term.

XRP/USDT 1-Day Chart (Source: TradingView)

Elaborating on how XRP has fared in the past, Pizzino stated that it has been making a higher low. Although on one occasion it broke below the trend line touching the 0.5 Fib retracement level, it rose back up again and is rising along the trend line. As such, the analyst states that once XRP breaks above the $0.54 and $0.55 levels, then it had the potential to break the $0.58, which is a strong resistance.

Ethereum/USDT 1-Day Chart (Source: TradingView)

Concerning Ethereum, Pizzino stated that it was holding its shape in the longer time frame although its shorter movements were quite jagged. Moreover, he stated that there may be price action at around $1750, given that the present support holds XRP up. Concurrently, Pizzino analyzed Solana, Cardano, Polygon, Gala, Render, and Pepe’s behavior in the video.

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